Debate Over the First Bank of the United States

During the early national period of the United States, a range of political factions began to emerge leading to significant debates over the direction of the country. One of the pivotal issues was the establishment of a national bank, which was seen as a cornerstone for the nation’s economic future. Opponents argued that it favored wealthy elites and compromised states' rights. Supporters contended that a central bank would provide stability and foster economic growth.

Which of the following statements accurately reflects the debate surrounding the creation of the First Bank of the United States?